Nearly half million dollar embezzled, charges filed

LUBBOCK, TX (KCBD) - A Portales businessman was arrested this past week after charges that he embezzled nearly half a million dollars. Randy Bouldin, 39, is the owner of Portales Livestock Auction. The victims claim Bouldin was paid by various buyers for about a thousand head of cattle that he auctioned. But, they claim he never turned over their share of the proceeds. Instead, prosecutors say he converted more than $450,000 to his own use. Prosecutors say under New Mexico law, that's embezzlement.

Bouldin is charged with a 2nd degree felony and could face up to nine years in prison. He was allowed to post a 10,000 bond to get out of jail and his next court hearing is July 28th.